Coating Resins Market

Global Coating Resins Market:

The global coating resins market size reached US$ 40.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 56.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032. The growing shift towards environmentally friendly coatings, ongoing technological innovations, and expanding industrial sector are primarily driving the market's growth.

Coating Resins Market Analysis:

• Major Market Drivers: At present, there is a rise in the demand for architectural coatings due to increasing residential and commercial constructions around the world. This, along with the growing utilization of roadway markings, such as zebra crossing and lane changing for the safety of the masses, represents one of the key factors driving the coating resins market growth.
• Key Market Trends: There is an increase in the employment of coating resins to protect wooden structures from pests and humid conditions. This, coupled with the escalating demand for these resins in passenger cars and light and heavy-duty commercial vehicles to achieve mechanical strength, adhesion to metals, and heat resistance, is propelling the growth of the market. Apart from this, the growing use of coating resins in electrical wires to provide electrical insulation is positively influencing the coating resins market share.
• Competitive Landscape: Some of the prominent coating resins market companies include Allnex (PTT Global Chemical Public Company Limited), Arkema S.A., BASF SE, Covestro AG, Dow Inc., Evonik Industries AG, Hexion Inc., Huntsman Corporation, Mitsubishi Chemical Holdings Corporation, Polynt S.p.A., and The Sherwin-Williams Company, among many others.
• Geographical Trends: According to the coating resins market dynamics, North America is a significant player in the coating resins market due to its strong demand from industries like automotive, construction, and general industrial applications. Moreover, Europe is a mature market with strict environmental regulations such as REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) and VOC directives, which are pushing companies towards more eco-friendly resin solutions.
• Challenges and Opportunities: High volatility in the prices of raw materials is hampering the coating resins market share. However, as environmental concerns become more prominent, there is growing demand for bio-based, waterborne, and low-VOC coatings. Bio-based resins, derived from renewable resources like soy, corn, or castor oil, are gaining traction in the market.
   

Coating Resins Market Trends:

Rising Automotive Production

Increased automobile production, especially in regions like Asia-Pacific and North America, is a major driver for the coating resins market. For instance, according to an article published by the India Brand Equity Foundation, India's annual automobile production in FY23 was nearly 25 million units. In April 2024, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was approximately 23,58,000. Coating resins are essential in automobile coatings, providing protection against corrosion, enhancing appearance, and improving durability. These factors are expected to propel the coating resins market share in the coming years.

Increasing Infrastructure Development

Rapid urbanization, especially in emerging economies, and increased investment in infrastructure development are driving the coating resins market growth. Various regions are spending significantly on infrastructure development.  For instance, according to CRISIL's Infrastructure Yearbook 2023, India would spend approximately INR 143 lakh crore (US$ 1,727.05 billion) on infrastructure during seven fiscal years until 2030, more than doubling the previous seven years' expenditure of nearly Rs. 67 lakh crore (US$ 912.81 billion). This is further driving the demand for paints and coatings, and by extension, coating resins. These are used in protective coatings for buildings, bridges, roads, and other infrastructure.  These factors further positively influence the coating resins market size.

Surging Shift Towards Sustainability

The push toward sustainability has led to the development of bio-based resins derived from renewable resources. For instance, in September 2024, Exel Composites signed a purchase agreement with chemical giant Ineos (Dublin, Ohio, USA) for more than 100 metric tons of its Envirez bio-based resin system. These resins reduce dependency on petroleum-based raw materials and align with the growing consumer and regulatory demand for greener products, thereby boosting the coating resins market growth.

Global Coating Resins Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global coating resins market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, technology, and application.

Breakup by Type:

• Acrylic
• Epoxy
• Polyurethane
• Alkyd
• Vinyl
• Polyester
• Others
   

The report has provided a detailed breakup and analysis of the coating resins market based on the type. This includes acrylic, epoxy, polyurethane, alkyd, vinyl, polyester, and others.

According to the coating resins market outlook, acrylic resins are known for their excellent UV and weathering resistance, making them popular in exterior coatings for construction, automotive, and marine applications. Moreover, epoxy resins offer outstanding adhesion to various substrates (metal, concrete, wood) and high durability, driving demand in industrial and protective coatings, including marine, aerospace, and oil & gas industries. Besides this, polyurethane resins are known for their flexibility and impact resistance, making them suitable for applications where the coating needs to endure stress and movement, such as automotive and flooring applications. Apart from this, alkyd resins are relatively inexpensive and versatile, making them a popular choice for general-purpose industrial, decorative, and architectural coatings.

Breakup by Technology:

• Water-based Coatings
• Solvent-borne Coatings
• Powder Coatings
• Others
   

The report has provided a detailed breakup and analysis of the coating resins market based on the technology. This includes water-based coatings, solvent-borne coatings, powder coatings, and others.

According to the coating resins market overview, water-based coatings are low in volatile organic compounds (VOCs), making them environmentally friendly. Stringent government regulations around the world, are pushing for the reduction of VOC emissions, which is driving demand for water-based coatings. Moreover, the increasing solvent-borne coatings typically offer superior performance in extreme weather conditions and environments with high humidity or temperature fluctuations. They provide better adhesion, durability, and chemical resistance compared to water-based coatings in some applications, which drives demand in the industrial, marine, and oil & gas sectors.

Breakup by Application:

• Architectural
• Industrial
• Protective and Marine
• Automotive OEM
• Vehicle Refinish
• Others
   

The report has provided a detailed breakup and analysis of the coating resins market based on the application. This includes architectural, industrial, protective and marine, automotive OEM, vehicle refinish, and others.

Rapid urbanization, especially in emerging markets, is driving the need for new construction and infrastructure projects, leading to increased demand for architectural coatings. Residential, commercial, and industrial buildings require durable and aesthetically appealing coatings. Moreover, the expansion of manufacturing, transportation, and heavy industries globally is boosting demand for industrial coatings. Coating resins are essential in protecting machinery, equipment, and infrastructure from wear, corrosion, and environmental damage. Apart from this, protective coatings are essential in harsh environments, such as marine, oil & gas, offshore platforms, and infrastructure exposed to corrosive conditions. The need for high-performance resins that can protect against corrosion, saltwater, UV radiation, and chemicals is a key demand driver.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

According to the coating resins market statistics, significant growth in sectors like construction and automotive in North America is a primary factor driving the demand for coatings resins. The increased focus on eco-friendly and high-performance resins, due to stringent environmental regulations, has also spurred innovations in this region. Moreover, the shift toward waterborne, UV-curable, and powder coatings is significant in Europe. The automotive and aerospace industries are crucial sectors for resin consumption.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include: 

• Allnex (PTT Global Chemical Public Company Limited)
• Arkema S.A.
• BASF SE
• Covestro AG
• Dow Inc.
• Evonik Industries AG
• Hexion Inc.
• Huntsman Corporation
• Mitsubishi Chemical Holdings Corporation
• Polynt S.p.A.
• The Sherwin-Williams Company
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Coating Resins Market Recent Developments:

• September 2024: Exel Composites signed a purchase agreement with chemical giant Ineos (Dublin, Ohio, USA) for more than 100 metric tons of its Envirez bio-based resin system.
• July 2024: Engineered Polymer Solutions (EPS) introduced EPS 2460, an acrylic resin for industrial wood coatings Without Fluorosurfactants that is ideal for flat through semi-gloss coatings.
• June 2024: Arkema, a specialized materials company, launched a new manufacturing process that includes up to 40% post-consumer recycled content from end-of-life packaging products into powder coating resins.

Coating Resins Market Report Scope:

Key Questions Answered in This Report:

• How has the global coating resins market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global coating resins market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the technology?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global coating resins market and who are the key players?
• What is the degree of competition in the industry?

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the coating resins market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global coating resins market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the coating resins industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.